Individuals have various reasons for planning an estate, such as preserving the family's wealth, providing for a surviving spouse and children, funding for your children's or grandchildren's education, or leaving a legacy behind. Assets will be preserved, managed, and distributed after death, to your chosen beneficiaries. This plan takes into account the management of an individual's properties and financial obligations in the unforeseen event that they become incapacitated. Having a comprehensive estate plan, not only protects your family and assets, but gives you a peace of mind.
Financial Needs Analysis
A financial needs analysis (FNA) is an overview of your current and future financial situation. It takes into account assets, such as wealth and income, offsets against liabilities, for instance debts and dependents.
Term Life Insurance is an affordable life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the Insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid to designated beneficiaries. Term Life can last as long as 30 years.
Coverage range $50,000 to $2,000,000
Permanent (traditional) life insurance is paid to beneficiaries upon death of the insured. A savings element is attached, and compound interest accrues at a fixed rate and on a tax- deferred basis.
Coverage range $5,000 to $2,000,000
Universal life is a form of "permanent" life insurance with flexibility that comes with cash value. This policy is useful for final expenses, debts, to supplement retirement income, and to provide additional coverage.
Coverage range $50,000 to $2,000,000
Guaranteed issue life insurance is a small whole life insurance policy with no health qualifications. Guaranteed issue policies are designed for people with serious health conditions that keep them from buying policies that offer immediate death benefits.
401k/ 403b Rollover
Whether you're starting a new job or getting ready to retire, you'll have to make a decision about your 401(k) / 403(b). You may be able to leave the account where it is. Or you can move—or rollover—some or all of your savings into another account. Be sure you know the benefits and penalties involved with each choice
A College savings account offers a mix of benefits that will get you the closest to your college savings goal.
With these accounts, you can save money on taxes both when you make your contributions and every year—between now and when you'll need the money. Put those savings toward college or other education goals, and you will see how much of a difference they make.
Retirement planning is based on specific needs and goals and how long you have to achieve them. By allocating a portion of your income into a tax-advantaged retirement savings plan, your wealth can grow exponentially to help you achieve financial independence.
The COVID-19 pandemic has brought overwhelming grief to many families. The Burial Assistance Program can assist with final expenses when families don’t have the resources to do so themselves. Our mission is to help families before, during and after disasters. We are dedicated to helping assess your eligibility for burial and other expenses.
There are different ways you can save, depending on your situation. An employer-sponsored plan, such as a 401(k) plan, or an individual retirement account — whether traditional or Roth — are the most popular options.
They have different rules, although each offers some form of tax advantage.
Here are factors to consider when figuring out the best option for your situation.
2. Market volatility
Lifetime income is designed for equity-indexed annuities. With a lifetime income rider, fixed indexed annuities can offer a tax-deferred growth, flexible payout options, and a guaranteed income for life.
Michael A Adams Associate